The report is available
here and Alexander Hanff has an analysis up
here. I'm not sure the Security section (3.7) is adequate but this does seem to refer to a much older version of the malware. Equally, as this is a 'Technical Validation', there is little treatment of the legal, regulatory or ethical issues which, it has to be frank, are the biggest problem with this appalling idea, although there is a minimal mention in Section 4 (Broadband Terms & Conditions).
I particularly like this apposite (we say 'security', we mean 'Revenue Share') typo from the "Success Criteria" section:

An interesting iota of excrement from the great { Phorm / Webwise / 1-2-1 Media / evil spyware b*stards } debacle.
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